United Kingdom: Petrofac in £180m cash call to fund SFO bribery settlement

Petrofac, the London-listed oil group, will this week unveil plans to tap shareholders in a £180m fundraising that will be used in part to pay a Serious Fraud Office (SFO) fine for bribery offences.

Sky News has learnt that Petrofac is preparing to announce as early as Tuesday morning that it intends to undertake an equity placing of about £181.5m.

One source said the shares would be sold at a price of about 120p – a roughly 25% discount to Monday’s closing share price of 158p.

Petrofac’s board and its advisers are understood to be finalising the plans on Monday evening. If successfully completed, the placing proceeds will be used to help the company draw a line under the most ignominious chapter in its history.

This article was orignially posted on sky.com

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